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Delivering a Loan Without an Appraisal

Enter “None” for the Appraisal Method if no appraisal is required for the loan and no appraisal was voluntarily obtained. Scenarios where this may occur include when the lender has exercised a DU-issued appraisal waiver for a High-LTV Refinance or other transaction.

Note: If an appraisal waiver was offered by DU, but the lender is aware of factors that make the subject property ineligible, the lender may not exercise an appraisal waiver offer and must order an appraisal. See the Fannie Mae Selling Guide for a complete list of ineligible transactions, some examples are listed below.

  • DU was unable to identify ineligible criteria as listed in the Fannie Mae Selling Guide (for example, Texas Section 50(a)(6) loans).
  • The lender is required by law to obtain an appraisal.
  • The lender is using rental income from the subject property to qualify the borrower.
  • The lender believes that an appraisal is warranted based on additional information available to the lender has about the property or subsequent events that may have materially impacted the condition of the property.

In addition, a lender may not exercise an appraisal waiver offer if an appraisal is obtained for the transaction.

The following table provides the appropriate values to be entered in Loan Delivery. These fields are located in the Property Appraisal Information section of the Loan Detail screen.

Instructions for Delivering a Loan without an Appraisal

Sort ID Field Name in Loan Delivery DU-Issued Appraisal Waiver (non-High LTV Refinance) DU-Issued Appraisal Waiver (High LTV Refinance)
82 Appraisal Document File ID Not Required, leave blank Not Required, leave blank
83 Appraisal Amount

For a purchase transaction, enter the sales price

For a refinance transaction, enter the estimated value

Enter the estimated value
84 Appraisal Effective Date Not Required, leave blank Not Required, leave blank
85 Property Valuation Form Not Required, leave blank Not Required, leave blank
89 Appraisal Method Enter “None” Enter "None"
368 Investor Feature Code Ensure "801" has been auto-populated Ensure "807" has been auto-populated
376 Investor Collateral Program Identifier Enter “Property Inspection Waiver” Enter “Property Inspection Waiver”
525 Appraiser’s State License Number Not Required, leave blank Not Required, leave blank

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